Medevac insurance company regains license
Apollo Medi Trans, a popular medevac insurance company, has its state license back.
But it’s not quite ready to sign up new customers or renew policies.
Fairbanks-based Apollo failed to renew its license earlier this year. That meant it could not operate legally in Alaska.
State Insurance Division Director Bret Kolb says that license was approved August 23rd.
“There’s nothing from the state’s perspective and from the perspective of appropriate licensure, there’s nothing standing in the way of them doing business,” Kolb says.
Apollo charges $125 a year for nationwide air and ground medical evacuation insurance. Its policies have been popular in Alaska because an air ambulance flight can cost tens of thousands of dollars.
Apollo Chief Financial Officer Robert Bonestroo says the company is close to resuming business.
“We’re a brokerage firm. We have a license as a brokerage firm. The company that actually backs the insurance product is Unified Life. So what has to happen before we are able to sell again is we have to get appointed by Unified Life once again,” Bonestroo says.
He says that should happen within about two weeks.
Bonestroo says failing to renew the state license was an administrative mistake.
“We just kind of missed it coming up this year. And so what ended up happening is we had sold policies for a certain period of time after we weren’t licensed and that was what really drug it out quite a long ways,” he says.
The state fined Apollo $5,000 for violating Alaska’s insurance laws.
The company will have to pay a suspended $15,000 fine if it violates those laws during the next five years.
Airlift Northwest, which offers medevac flights, also operates a medevac insurance program in Alaska.